The HCM City People's Court yesterday handed down death penalties to two former business executives for embezzlement of VND117 billion (US$5.2 million) and abuse of power while serving at State firms a few years ago.

Vu Quoc Hao.

Vu Quoc Hao, former general director of the Finance Leasing Company No 2 (ALC II), a subsidiary of the State-owned Agribank, was sentenced to death for embezzling VND75 billion from the company and 20 years' imprisonment for "intentionally violating State regulations on economic management, causing serious consequences."

Dang Van Hai, a former chairman of Quang Vinh Construction and Trading Co. Ltd., was found guilty of the same charges and received identical sentences.

According to the court's verdict, in 2009 Hao colluded with Hai to sign blank financial leasing contracts to "lend" VND120 billion from ALC II to Quang Vinh Co.

Of the amount, Hao pocketed VND75 billion and Hai, VND42.4 billion.

Hao was also found guilty of embezzling VND4.9 billion while liquidating leasing assets at Anh Phuong Enterprise, an ALC customer.

Earlier, in September 2014, Hao had been sentenced to death for embezzlement.